Key Points
- So far, Franklin Templeton is the largest asset manager to file for a SOL ETF.
- Yesterday, the asset manager filed for an XRP ETF.
Franklin Templeton filed a 19b-4 application with the US SEC for a Solana (SOL) ETF, with CBOE as custodian.
This marks an important move in the ETF industry, as Franklin Templeton is the largest asset manager that filed for a SOL ETF so far. The firm currently has over $1.53 trillion in AUM.
Franklin Templeton’s SEC Filing for SOL ETF
The asset manager’s 19b-4 application is submitted to the SEC to request a rule change that allows the SOL ETF to be listed and the regulator must approve it before the ETF can trade.
If the SEC accepts the filing, Franklin Templeton must submit an S-1 registration statement to register the shares for sale.
The US SEC usually approves the 19b-4 application first and then finalizes the S-1.
Other SOL ETF Applications
So far, there are various applications for SOL ETFs from other asset managers including Grayscale, Bitwise, 21Shares, Canary, and VanEck.
However, all applications from the asset managers mentioned above have been postponed by the US SEC until May.
The reason is the regular’s need for more time to review the applications and decide on their approval, rejection, or another delay.
Multiple Crypto ETF Applications with the US SEC
Franklin Templeton’s application for SOL ETF was announced after the SEC delayed the others and comes after the asset manager filed for an XRP ETF yesterday.
On March 11, Franklin Templeton filed an S-1 form to launch a spot XRP ETF with the SEC.
Since the US President, Donald Trump, took office, asset managers have applied for multiple crypto ETFs beyond Bitcoin and Ethereum.
Under the new US administration, the SEC has acknowledged some crypto ETFs that wouldn’t have been acknowledged under the previous Biden administration, including Grayscale’s ETF for SOL.
